MACRO
· Stock rout is Fed's 'best-case scenario' as Powell-put era ends
The now-12% drop in the S&P 500 this year combined with the plunge in speculative high-growth equities can be seen as a validation of hawkish monetary efforts to moderate the excesses of this inflation-lashed business cycle. It all marks the formal end of the Powell put, or the longstanding belief that the central bank will alleviate every mark...